Helping the Community Through Your Business When it comes to doing business nowadays, the topic of corporate social responsibility is often a part of the conversation. Corporate social responsibility, or CSR, is a management concept where companies integrate social and environmental issues into their business operations and interactions with their stakeholders (customers, partners, investors). For those who are still unsure as to why CSR is important, it is because consumers want to do business with brands and businesses who are doing more than just selling a product or service. Consumers want to invest their money in brands that are making a difference. According to a 2021 study by Vice Media Group 82% of consumers make purchases with an objective or purpose in mind. When we talk about objective or purpose, we refer to what consumers want to contribute to in a social way when making a purchase. No matter what size of business you currently own, it is important to evaluate in which ways you can implement a corporate social responsibility strategy. Five Ways of Establishing Corporate Social Responsibility in your Business 1. Donate your time - organize your company to donate time to a social cause everyone agrees on. 2. Invest in social and environmental initiatives support initiatives by donating money or creating an event or fundraiser that supports defined causes. 3. Practice ethical work - identify ethical problems in your trade and commit to fight against these problems by establishing good practices in your company.
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Attract socially and environmentally conscious customers.
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Reduce operational and production expenses by implementing eco-friendly recycling models and optimizing the use of raw materials.
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Have employees more motivated and satisfied with being part of the company. The creativity levels of the work team also increase as they feel free to contribute their ideas to long-term innovation.
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Encourage the creation of strategic alliances that can produce new and innovative solutions, services, or products.
To address this growing sector of the marketplace, BBB Institute for Marketplace Trust SM partnered with local BBBs to launch the BBB4Good initiative to support and elevate purpose-driven businesses. In partnership with our network of BBBs located in communities throughout North America, BBB4Good works to: Empower consumers to identify purpose-driven businesses; spotlight, recognize and support organizations that integrate social impact into their business plans, and expand the growth of this powerful new marketplace sector via new research and partnerships with like-minded organizations that are providing critical support to purpose-driven businesses. To recommend a purpose-driven business or to identify as one, or simply learn more about BBB4Good visit: www.bbb.org/bbb4good
4. Promote philanthropy - create your own method of social change by establishing a cause of your own, or you can pledge part of your earnings to that cause. 5. Be environmentally conscious in your business recycle, reduce the use of natural resources, and commit to reducing your environmental impact. Benefits of Corporate Social Responsibility •
Strengthen your image by receiving positive publicity.
Content Courtesy of Cinthya Lavin, Better Business Bureau | Photo Courtesy of IABBB Digital Library
